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FR First Industrial

First Industrial Realty Trust Inc. is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of December 31, 2019, our in-service portfolio consisted of 175 bulk warehouse properties, 96 regional warehouse properties, 136 light industrial properties and 26 R&D/flex properties, containing an aggregate of approximately 60.2 million square feet of gross leasable area ("GLA") located in 21 states. Our in-service portfolio includes all properties that have reached stabilized occupancy (defined as properties that are 90% leased), (re)developed properties upon the earlier of reaching 90% occupancy or one year from the date construction is completed and acquired properties that are at least 75% occupied at acquisition, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Acquired properties that are less than 75% occupied at acquisition or with tenants that we anticipate will move out within the first two years of ownership are placed in service upon the earlier of reaching 90% occupancy or one year after move out. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, a Delaware limited partnership formed on November 23, 1993 of which the Company is the sole general partner (the "General Partner"), with an approximate 98.1% ownership interest ("General Partner Units") at December 31, 2019. The Operating Partnership also conducts operations through the Other Real Estate Partnerships, numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest in the Operating Partnership of approximately 1.9% at December 31, 2019, represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").

Calendar

23 Jul 21
2 Aug 21
31 Dec 21
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Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 82.61M 82.61M 82.61M 82.61M 82.61M 82.61M
Cash burn (monthly) 32.36M 1.52M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 36.59M 1.72M n/a n/a n/a n/a
Cash remaining 46.02M 80.9M n/a n/a n/a n/a
Runway (months of cash) 1.4 53.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Financial report summary

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Management Discussion
  • The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the three and six months ended June 30, 2021 and 2020. Same store properties are properties owned prior to January 1, 2020 and held as an in-service property through June 30, 2021 and developments and redevelopments that were placed in service prior to January 1, 2020. Properties which are at least 75% occupied at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Acquisitions that are less than 75% occupied at the date of acquisition and developments and redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Acquired properties with occupancy greater than 75% at acquisition, but with tenants that we anticipate will move out within two years of ownership, will be placed in service upon the earlier of reaching 90% occupancy or twelve months after move out. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2019 and held as an operating property through June 30, 2021. Sold properties are properties that were sold subsequent to December 31, 2019. Developments and redevelopments (collectively referred to as "(Re)Developments") include (re)developments that were not: a) substantially complete 12 months prior to January 1, 2020; or b) stabilized prior to January 1, 2020. Other revenues are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company and other miscellaneous revenues. Other property expenses are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.
Content analysis
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H.S. freshman Avg
New words: ARRC, billion, bringing, Central, Denver, exposed, FCA, impossible, inclusive, leverage, monitoring, Overnight, paced, Pennsylvania, point, proposed, published, repair, SOFR, thereunder, unencumbered, unknown, wide
Removed: anticipation, extendable, Lastly, payment, source

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